SeaDrill options with Daewoo for semi

Offshore staff

(Norway) - SeaDrill has declared its option to build a second semisubmersible ultra-deepwater drilling rig with Daewoo Shipbuilding in Korea. The rig will be based on the GVA-7500-N design, equipped with capacity to operate in harsh environments in water depth up to 10,000 ft.

The contract price for the unit is approximately $495 million, with 30% payable prior to delivery of a fully operational unit. The price is based on a full turnkey delivery including an extensive testing program, 7,500 ft of riser, a 15k BOP and a full mooring system.

1/23/06